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Loan Protection

Expect the unexpected…are you covered? Well, your credit union can help! Alpena Alcona Area Credit Union provides MEMBER’S CHOICE© – loan protection products that protect you and your loved ones from the unexpected.

Credit Life & Disability Insurance

Planning for your future is about making the best choices for you and your family – whether it’s improving your standard of living or protecting your financial future. When you choose to protect your loans with MEMBER’S CHOICE© credit life and disability insurance*, you’re taking steps to protect your family if the unforeseen happens.MEMBER’S CHOICE© credit life and disability may help reduce or pay off your covered loan or make your monthly payment, up to the policy maximum, in the event of a covered life event, injury, illness, or death.

Insure your loan payments today so you can worry a little less about tomorrow.

For more information on credit life and disability insurance or contact our loan department today!

*Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan.  Certain eligibility requirements, conditions, and exclusions may apply.  Please contact your loan representative, or refer to the Group Policy for a full explanation of the terms. 

Guaranteed Asset Protection Plus

Accidents happen, and unfortunately, your insurance doesn’t always cover it – GAP Plus does! Guaranteed Asset Protection Plus protects you when “gaps” exist between your insurance settlement and your loan balance. You see, when your car or truck is declared a total loss by your insurance company you are paid based on the value of the vehicle (at the time of loss) which doesn’t always match up with the value owed on your loan. The result, you have a “gap” in what your insurance covered and the amount owed to your credit union.

Fortunately, Alpena Alcona Area Credit Union provides you with security and protection – GAP insurance – a low cost protection for a potentially high cost expense is available for purchase on all new or used vehicle loans financed through your credit union.

GAP Plus provides benefits of: 

  • Up to $1,000 deductible assistance whether the vehicle is deemed a total loss or not.
  • $1,000 being used towards the financing of a replacement vehicle through Alpena Alcona Area Credit Union.

Want to fill the GAP? Contact our loan department today!

*Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) Plus is optional and will not affect your application for credit or the terms of any credit agreement you have with Us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP-2285636.1-1018-1120.

Mechanical Repair Coverage (MRC) - ForeverCar

Whether you depend on your vehicle for work or getting your family to school and activities, you need transportation that's safe and reliable. Mechanical Repair Coverage (MRC) provides protection beyond manufacturer or powertrain warranties. The older your vehicle, the more it takes to keep it in good working order. In addition to comprehensive parts and labor coverage, these plans include benefits like roadside assistance, car rental, travel reimbursement and towing. Instead of footing the entire bill for an unexpected breakdown, Mechanical Repair Coverage offers a range of deductibles, allowing you to determine how much you want to pay for repairs.

  • Convenient Monthly Payments
  • Use the licensed repair facility of your choice
  • No mileage limitations - drive as much as you like
  • Customize your deductible
  • 24/7/365 emergency roadside assistance
  • Extended benefits that may not be covered by your manufacturer's warranty
  • Rental car and emergency travel expense reimbursement
  • No long-term contracts

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